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Netflix CEO Reed Hastings, Content Chief Ted Sarandos' Pay Rises in 2019

Netflix CEO Reed Hastings, Content Chief Ted Sarandos Pay Rises in 2019

Hastings' salary increased by 7 percent, with his right-hand man making 17 percent more.

Netflix CEO Reed Hastings' compensation reached $38.6 million, up about 7 percent compared with $36.1 million in 2018, the streaming video giant disclosed in a regulatory filing Wednesday.

He had made $24.4 million in 2017 and $23.2 million in 2016.

Chief content officer Ted Sarandos, meanwhile, got a compensation package worth $34.7 million, up 17 percent. That compared with $29.6 million in 2018, his 2017 pay of $22.4 million and his $18.9 million pay in 2016.

Hastings' salary remained unchanged at $700 million, but he got $37.4 million in stock options awards, up from $35.4 million in 2018. His "other" compensation amounted to $465,637 after zero in 2018 and 2017. That figure was all for the "personal use of company aircraft."

Sarandos' salary rose from $12 million to $18 million, while his options awards declined from $17.6 million to $16.6 million. His "other" compensation rose from $32,251 to $98,497, made up of a matching contribution made under the firm's 401(k) plan, $74,282 for personal use of company aircraft and $14,415 for car services.

New CFO Spencer Neumann made nearly $12 million in 2019, including a $1.7 million bonus.

At its annual shareholder meeting in June, Netflix said it would be "providing our stockholders with the opportunity to cast a nonbinding advisory vote on the compensation of our named executive officers," adding: "We currently hold our advisory say-on-pay every year. Shareholders will have an opportunity to cast an advisory vote on the frequency of say-on-pay votes at least every six years. We currently expect that the next advisory vote on the frequency of the say-on-pay votes will occur at the 2023 annual meeting of shareholders."

People watching more entertainment programming while sheltering at home propelled Netflix to a strong first three months of 2020, the company had announced Tuesday after the stock market close. The streaming giant added 15.8 million subscribers during the first quarter of the year, a period of record growth that rocketed its global user base to nearly 183 million.

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